How Paysend's costs work
Paysend makes money from its transfer fees and the exchange rate it offers. You're usually shown a fixed fee before you confirm, but the exchange rate includes a markup compared to the so-called mid-market rate, which is the midpoint between the prices at which banks buy and sell currencies on wholesale markets. The size of the markup depends on the currency you're sending to, so a low fee on its own does not mean your transfer will be cheap overall.
A couple of euros in markup might not look like much, but if you're sending a large amount it can easily outstrip a clear, set fee. With a small transfer, a flat fee might be most of your cost. To see what you'll actually get, check the payout, the amount your recipient receives, against the comparison table above, which includes live mid-market rates plus every relevant fee and markup.
Speed, payment methods and limits
If you're using Paysend's card-to-card option, the company advertises arrivals within minutes. This is the fastest method offered, though the actual time depends on how quickly the recipient's bank or card network processes the money, the transfer amount and any additional checks. If you send late in the day, or on a weekend, or during a public holiday, things might move slower.
Payment is possible by debit card, credit card, or regular bank transfer. Always look out for extra costs tied to your payment method before you submit. Limits aren't the same for every currency or country. Larger payments may get flagged for extra ID checks. If a transfer gets stuck, double-check the card details, miskeyed digits are a frequent reason for delays.
Worked example: an Italian teacher helping a cousin
Suppose you're an Italian teacher, sending money to a cousin in Romania to cover part of their rent. The cousin has a Romanian debit card in their name.
You would open Paysend's app, enter the amount you're sending in euros, and then pick the local currency linked to the cousin's card. Double check the country and card type are supported for this kind of transfer, and confirm the card belongs to the cousin to avoid mix-ups. Pick your payment method as the last step before final confirmation.
Pay close attention to the total that the cousin is stated to receive, not just the sending fee, compare this to the live rates in our table above, check the currency pair markup, and make a note of the estimated arrival time listed for this transfer.
Don't forget to check all card numbers carefully and make sure the receiving bank allows foreign funds. If you send an amount that's noticeably higher than usual, be prepared to provide extra verification. Keep your transfer reference handy for follow-up if needed.
Safety and regulation
Paysend is licensed and regulated by the UK Financial Conduct Authority (FCA). If you want, you can verify its current authorization by checking the official FCA register before you use the service.
FCA oversight means rules about how client money is separated and monitored, but this does not provide a cast-iron guarantee. Since Paysend operates as a payment institution, not a traditional bank, bank-level compensation schemes usually do not cover balances held there. Regulations also don't protect you from entering the wrong recipient details, or from a loss due to exchange rate fluctuations while your transfer is pending.
To protect yourself, keep account balances modest, use two-step authentication if it is available, and ignore any unexpected message that claims to be from Paysend and asks for personal details or money to release your transfer.
Pros, cons and when an alternative fits better
Pros
- Flat, low fee on card transfers, presented before you pay.
- Sends money directly to a recipient's debit card, which means the other person does not need to hold a bank account.
- In many cases, card transfers are quick to arrive.
- Supervised by the FCA in the UK.
Cons
- Markup on some exchange rates, so costs can be masked behind a small fee.
- Service depends on both the country and the type of card, so not all routes are possible.
- Since this is not a banking service, standard deposit protection typically does not apply.
- Bigger transfers or atypical activity can trigger additional checks and slowdowns.
If you want transparent rates at the mid-market, Wise is a good comparison. For sending money to relatives, Remitly specializes in that, and Western Union is an option for those who want to collect cash in person.